Journal article
Strategic Planning in Retailing: Prospects and Problems
Journal of retailing, Vol.56(1), pp.107-120
01 Apr 1980
Abstract
Retailing executives have generally been slow to adopt strategic planning as an inherent part of their management style. Retailing executives by tradition and experience seem to be oriented to the very short term. Strategic planning, however, necessitates a longer range and a more sober posture if it is done effectively. Particularly, strategic market planning involves 4 broad and related decisions areas: 1. defining the business, 2. determining the mission of the business, 3. formulating functional strategies, and 4. budgeting. Although retailers have been reluctant to adopt strategic planning, it can help retailers achieve flexibility and adaptability in 4 ways: 1. by generating important strategic questions, 2. by aiding retailers in anticipating future scenarios, 3. by providing a basis for built-in flexibility in retailing firms, and 4. by creating an ongoing monitoring system for generating information for strategic decision making.Research into strategic planning in retailing may indicate the need for the development of special and unique strategic planning methods. Strategic planning must be attuned to the special needs and problems of the retailer, particularly the retailer's important need to be highly flexible.
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Details
- Title
- Strategic Planning in Retailing: Prospects and Problems
- Creators
- Bert Rosenbloom
- Publication Details
- Journal of retailing, Vol.56(1), pp.107-120
- Publisher
- Elsevier Limited
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- [Retired Faculty]
- Identifiers
- 991019183969104721
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